Flex Space with Loading
New
For Sale
$3,000,000
1333 Riverside Drive, Mount Vernon, WA 98273
An open commercial floor plan is complemented by a mezzanine office, restrooms, and grade-level and dock-high access.
Property Size19,700 SF
Price / SF$152.28
Days on Market2
Property Features for 1333 Riverside Drive
General Information
Standard status
Active
Size
19,700 SF
Property subtype
Commercial
Warehouse & Industrial
Dock-High Doors
1
Drive-In Doors
1
Taxes and HOA fees
Annual Taxes
$17,333
Amenities
open layout
office upstairs
restrooms underneath
grade-level door
dock-high loading door
recent electrical upgrades
Laminate
Yes
No
Electric
2.09
Cement/Concrete
Slab
Building Details
Year Built
1940
Buildings
1
Building Size
19,700 SF
Listing Agency:
Keller Williams Rty Tacoma
(360) 723-0155
Listed By:
Marissa Morris
(360) 852-5555
Source:
Premierepropertygroup
Added: Oct 1
Last Checked: Oct 1 at 2:17PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams Rty Tacoma
Investment Insights
Based on property information with market context.
This 19,700-square-foot flex property in Mount Vernon was built in 1940 and has an open interior. A mezzanine-level office and restrooms below add supporting space. Loading access includes one grade-level door and one dock-high door, accommodating different service needs. The building was previously used as a grocery store.
Electrical improvements were completed in 2023. The property is located at 1333 Riverside Drive in Mount Vernon, Washington.
Electrical improvements were completed in 2023. The property is located at 1333 Riverside Drive in Mount Vernon, Washington.
Key Highlights
- 19,700 SF building with an open interior layout
- One grade‑level door and one dock‑high loading door
- Mezzanine office and restrooms below
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$201,987
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.73%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,039,740
$4.0M
Cap Rate 7%
$2,885,529
$2.9M
Cap Rate 9%
$2,244,300
$2.2M
Market Conditions
NOI Build-Up for 19,700 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$241.1K $12.24/SF
− Vacancy
−$3.5K −$0.18/SF
EGI
$237.6K $12.06/SF
− OpEx
−$35.6K −$1.81/SF
NOI
$202.0K $10.25/SF
Area
Skagit County, WA
Vacancy
1.45%
Lease Rate
$12.24 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,039,740
Cap Rate 7%
$2,885,529
Cap Rate 9%
$2,244,300
Alternative Uses
Best Use
Warehouse
$2.89M
$2.52M – $3.37M
NOI $201,987 @ 7.0% cap · market cap 6.73%
Second Best
Industrial
$2.38M
$2.08M – $2.77M
NOI $166,342 @ 7.0% cap · market cap 5.54%
Theoretical Best
Office A
$8.01M
$7.01M – $9.35M
NOI $560,852 @ 7.0% cap · market cap 18.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
1
Dock-high doors
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
983
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98273, WA
31,243
Population
11,991
Households
2.6
Avg Household Size
37
Median Age
25%
College-Educated
87%
High-School Grad
83.9 sq mi
ZIP Area
372
Density / Sq Mi
$74,247
Median Household Income
$42,168
Median Earnings
$1,171
Median Rent
$448,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Firehouse Subs Mount Vernon — 324 E College Way Ste. 103, Mount Vernon, WA 98273
- Max Dale's Steak & Chop House — 2030 Riverside Dr, Mount Vernon, WA 98273
- Java Jo's On the Go — 110 Stewart Rd, Mount Vernon, WA 98273
Frequently Asked Questions
What type of property is this?
Flex space - An open commercial floor plan is complemented by a mezzanine office, restrooms, and grade-level and dock-high access.
Where is this flex space located?
The property is located at 1333 Riverside Drive Mount Vernon, WA.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: 19,700 SF building with an open interior layout; One grade‑level door and one dock‑high loading door; Mezzanine office and restrooms below
